Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!
The short answer is that a lot of information shows up. Not only address information for several years, but most if not all open credit accounts and your payment status. If you pay the cards today, it will not likely be updated immediately. It takes time. One of the best ways to find out what is on your credit report is to get a copy of yours. You can do this by going to http://www.annualcreditreport.com and requesting your FREE reports from the three big reporting agencies. By law your are entitled to this and it not only give you a good idea of what is in there, it will come with instructions on how to dispute something you find.
I hope this helps.
There are 5 classifications to the credit report
1. personal information
2. credit history
3. credit inquiries
4. public records
5. personal statement.
These I will discuss in more detail momentarily.
Personal information includes name, date of birth, current and past addresses and phone numbers (and relevant dates), social security number.
The credit history includes that date the credit was opened/closed, the credit limit or loan amount, the monthly balance and whether the minimum monthly payment was met, along with the statement date.
It will appear on the report for 7 years if there was a payment issue; if timely paid but no activity, it falls off after 10 years.
3. Credit inquiries - these remain for 2 years - basically this is when someone checks your credit.
4. Public records, includingbankruptcy- 10 years
tax liens- 7 years from release date; as soon as notified if withdrawn
judgment - 7 years; can be extended by re-filing the judgment
5. personal statement- if an item has been disputed, that will be noted.
The credit report is reliant on third parties (the lender) to notify the bureaus of any issues; they have contracts with the lenders, as to when they will report, and this varies based on lender. Some do it monthly, others quarterly. Credit cards are typically monthly.
The Fair Credit Reporting Act is the relevant act;
Hello again; just checking in to see how things worked out;if you have further questions please don't hesitate to reach out to me here on Just Answer. Thanks!